How to let your property

December 4, 2012Tags: lettings | Landlords | Chris Stonock

Renting out your home is a great way to retain your property if you're relocating as a result of a change of circumstance for a period of time.  It allows you to keep your original property as an investment and of course you benefit from the mortgage being paid by the tenants while you wait for house prices to start rising again.  Here are a few top tips to get your property let quickly.

Use a Licensed Letting Agent...

A Licensed Letting Agent is a member of ARLA  (Association of Residential Letting Agents) and is a regulatory body for the practice of Residential Lettings. Its members have to follow a strict code of conduct and abide by its code of best practice.  Choose your agent on not only how good they are at finding tenants, but also their integrity, ongoing service and the staff you will be dealing with.  

Prepare Your Home...

In a double dip recession tenants are more attentive and choosy because of the increased availability rental homes, and their expectations are much higher.  Tidying the front entrance is essential for first impressions, tidy any clutter, wipe down or repaint the door and the front garden area should be tidy and well maintained. Once inside, ensure the property is well presented internally. If the property is empty, it can feel cold and unloved, so ensure the temperature is comfortable so people can look round comfortably, its the ideal opportunity to add a fresh coat of paint and have the carpets cleaned.

Be flexible on price...

Set the rental price by learning what other rental properties are going for in your area. Remember, potential tenants will be scouting around for deals, so set the rent at a competitive price and make sure you highlight all the most valuable aspects of your home.  If a tenant can move quickly and has good references, it may be worth negotiating to get the property let. Leaving it empty for weeks only eats into your annual yeild and could cost you more in the long run by leaving it empty in hope of the full asking price. Accepting a lower offer and getting tenants in and paying rent may be more profitable long term.

For more advice on selling or letting your home, please contact your local Your Move Chris Stonock branch.